New Delhi: Unocoin, an Indian cryptocurrency exchange and wallet, has announced that its users will soon be able to buy common things with Bitcoin. Rather than making a one-time purchase with cash, Unocoin allows customers to purchase coupons with the digital coin. These vouchers can subsequently be redeemed for the listed consumer goods.
The exchange has set limits that allow customers to purchase coupons with Bitcoin worth between Rs 100 and Rs 5,000. On its mobile app, the corporation will highlight the brands whose vouchers can be purchased. It will be found in the ‘Shop’ section. Cryptocurrency holders will be able to purchase these vouchers for various cash amounts that are equivalent to the Bitcoin rate through the app.
The equivalent sum will be debited from the user’s crypto wallet in the form of Bitcoin once the voucher has been purchased. Following that, the customer will receive a voucher code that may be used to purchase specific things from the respective brand.
However, this is a path that has been travelled before. Unocoin isn’t the first cryptocurrency to try anything like this. Before Unocoin, there was Zebpay, which teamed with Flipkart to offer Bitcoin vouchers to its consumers.
Unocoin is renowned for being the first cryptocurrency wallet in India. It was founded in 2013 and has since led the way for other cryptocurrency wallets. Unocoin eventually broadened its horizons and adopted the exchange model.
Unocoin announced this new scheme just two days after CoinDCX announced its big funding round. The crypto exchange was able to raise $90 million from its investors Eduardo Saverin’s B Capital. The bitcoin ecosystem in India received a significant boost as a result of this.